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A sum of money lent at compound interest amounts to Rs.2420 in 2 years and Rs.2662 in 3 years. Find the rate of interest charged and the sum
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Explanation:
Amount in 2 years = Rs.2420
Amount in 3 years = Rs.2662
Interest for one year for Rs.2420 is 2662-2420 = Rs.242
I = Rs.242, P = Rs.2420
R=100×I\PN=100×242\2420=10%
Compound Inteerest A = P(1+r\100)^n
2420=P(1+10\100)^2
= P(11\10)^2=P×121\100
P = 2420×100\121=Rs.2000